Activities of Emilie TURUNEN related to 2011/0261(CNS)
Plenary speeches (1)
Common system for taxing financial transactions (debate)
Amendments (13)
Amendment 15 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) The revenue collected from the FTT should contribute to the provision of global public goods such as development cooperation and the fight against climate change.
Amendment 23 #
Proposal for a directive
Recital 10
Recital 10
(10) In order to allow for the taxable amount to be determined as easily as possible so as to limit costs for businesses and for tax administrations, in the case of financial transactions other than those related to derivatives agreements reference should be made normally to the consideration granted in the context of the transaction. Where no consideration is granted or where the consideration granted is lower than the market price, the latter should be referred to as a fair reflection of the value of the transaction. Equally for reasons of ease of calculation, the notional amount should be used where derivatives agreements are purchased/sold, transferred, concluded or modifiedAs for derivatives agreements, the taxable amount should be computed on a risk- based analysis of the contract. The tax base should be supervised on a continuous basis and the European Central Bank should be asked for advice in annually adjusting the tax base to guarantee that the tax burden for derivative contracts is at least as high as from a direct investment into the underlying assets.
Amendment 25 #
Proposal for a directive
Recital 13
Recital 13
(13) Because of the high mobility of financial transactions and in order to help mitigating potential tax avoidance, the FTT should be applied on the basis of the residence principle, complemented by the issuance and ownership principles.
Amendment 30 #
Proposal for a directive
Recital 18 a (new)
Recital 18 a (new)
(18a) In case no agreement amongst the EU 27 is found by 1 September 2012, Member States willing to implement the FTT should advance by formally requesting enhanced cooperation in accordance with the Article 329 TFEU. The European Parliament should give its consent speedily, under the condition that the Member States in question commit to adopt in accordance with the Article 333 (2) TFEU a decision stipulating that they will act under the ordinary legislative procedure.
Amendment 31 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Directive shall apply to all financial transactions, including spot currency transactions, on condition that at least one party to the transaction is established in a Member State and that a financial institution established in the territory of a Member State is party to the transaction, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction.
Amendment 33 #
Proposal for a directive
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. A tax of 0, 1% shall apply to cancelled financial transactions if on average per trading day the number of cancelled financial transactions exceeds 15 times the number of executed financial transactions.
Amendment 38 #
Proposal for a directive
Article 3 – paragraph 1 – point e a (new)
Article 3 – paragraph 1 – point e a (new)
(ea) ) it is party to a financial transaction in relation to a financial instrument issued within the territory of a Member State or the Union.
Amendment 39 #
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Amendment 40 #
Proposal for a directive
Article 3 b (new)
Article 3 b (new)
Article 3b Ownership Principle 1. A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument. 2. A financial transaction referred to in paragraph 1 of this Article shall not be eligible for central clearing under the Regulation (EU) No .../2012 of the European Parliament and the Council of ... on OTC derivatives, central counterparties and trade repositories [EMIR] nor be eligible to fulfil the capital adequacy requirements under the Regulation (EU) No .../2012 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRD IV]. 3. In the case of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of the FTT and certificates of transferring of legal titles.
Amendment 41 #
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
In the case of financial transactions referred to in point 1(c) of Article 2(1) and, in respect of derivative agreements, in points 1(a) and 1(b) of Article 2(1), the taxable amount of the FTT shall be the notional amount of the derivatives agreement at the time of the financial transactionshall be computed on a risk-based analysis of the contract. The tax base shall be supervised on a continuous basis and the European Central Bank shall be asked for advice in annually adjusting the tax base to guarantee that the tax burden for derivative contracts is at least as high as from a direct investment into the underlying assets.
Amendment 46 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 – point b
Article 8 – paragraph 2 – subparagraph 2 – point b
(b) 0.01% in respect of financial transactions referred to in Article 6.
Amendment 50 #
Proposal for a directive
Article 9 – paragraph 4 a (new)
Article 9 – paragraph 4 a (new)
4a. A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in the transfer of legal title of the underlying asset.
Amendment 53 #
Proposal for a directive
Article 12 a (new)
Article 12 a (new)
Article 12a Enhanced Cooperation In case no agreement amongst the EU 27 is found by 1 September 2012, Member States willing to implement the FTT shall advance by formally requesting enhanced cooperation in accordance with the Article 329 TFEU. The European Parliament shall give its consent speedily, under the condition that the Member States in question commit to adopt in accordance with Article 333 (2) TFEU a decision stipulating that they will act under the ordinary legislative procedure